{"id":95076,"date":"2025-03-09T00:00:00","date_gmt":"2025-03-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/09\/pif-is-seeking-consultancy-for-a-new-business-district-in-riyadh\/"},"modified":"2025-03-09T00:00:00","modified_gmt":"2025-03-09T00:00:00","slug":"pif-is-seeking-consultancy-for-a-new-business-district-in-riyadh","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/03\/09\/pif-is-seeking-consultancy-for-a-new-business-district-in-riyadh\/","title":{"rendered":"PIF is seeking consultancy for a new business district in Riyadh"},"content":{"rendered":"

\n

CONSTRUCTION-<\/p>\n

The Public Investment Fund is <\/strong>seek<\/strong>ing project management consultancy services for a <\/strong>new business district on the outskirts of Riyadh, <\/strong>including the world\u2019s next tallest <\/strong>tower<\/strong>, Meed<\/a> reports. The fund is receiving bids from firms looking to fill the position until 20 March 2025.<\/p>\n

Who is interested?<\/strong> US-based firms Aecom, Bechtel, Jacobs, Parsons, and Turner, as well as the UK\u2019s Mace are among the prospective bidders. The request for proposals was reportedly issued by PIF-subsidiary Tower District Real Estate Development Company, writes Meed. <\/p>\n

BACKGROUND- <\/strong>British architecture studio Foster + Partners is reportedly working on designs<\/a> for the skyscraper \u2014 which would be twice as tall as the world\u2019s current tallest building, the Burj Khalifa. The PIF-backed project will be built at a site near the capital\u2019s King Khalid International Airport.<\/p>\n

Part of a bigger push: <\/strong>There are 100 commercial and residential towers worth some SAR 100 bn currently in the final stages of construction in Riyadh, Knight Frank Global executives and experts told Aleqtisadiah<\/a>. <\/p>\n

\n

DISPUTE WATCH-<\/p>\n

The East<\/strong>ern Province Municipality terminated investment contracts with Smart <\/strong>Cities <\/strong>Solutions (SCS)<\/strong>, a Batic Investments and Logistics<\/a> subsidiary, for the development and operation of parking facilities in Dammam, Dharan, and Khobar, Batic said in a disclosure to Tadawul<\/a>. The company remains in contact with Saudi authorities while \u201ctaking the necessary measures to safeguard its rights and protect the interests of its shareholders,\u201d reads the disclosure.<\/p>\n

BACKGROUND- <\/strong>The Eastern Province Municipality took over the management and operation of parking facilities back in February<\/a> with Batic getting ready to take legal action in response. The terminated agreements include long-term contracts held by SCS to develop, construct, and operate parking spaces and facilities at Khobar and Dhahran until 2044, and Dammam until 2045.<\/p>\n

\n

INFRASTRUCTURE-<\/p>\n

The secon<\/strong>d phase of <\/strong>Red Sea International<\/a><\/strong>\u2019s<\/strong> (RSI) SAR 658 mn staff camp project at <\/strong>Neom\u2019s Trojena Dam will not move forward<\/strong>, after Italian engineering outfit Webuild SpA \u2014 the contractor \u2014 decided not to activate the optional SAR 228 mn phase, according to a disclosure to Tadawul<\/a>. RSI could be entitled to additional compensation when the works are completed, provided certain conditions in the contract are met.<\/p>\n

\n

FOOD-<\/p>\n

Nadec + <\/strong>Hilton Foods will create a red meat JV:<\/strong> The National Agricultural Development Company (Nadec) signed a 10-year shareholders\u2019 agreement with UK-based Hilton Foods<\/a> to establish a joint venture to process and package red meat in Saudi Arabia, according to a disclosure to Tadawul<\/a>. Nadec will own a 51% stake in the JV, and use its boning and retail packing facility in Haradh to supply the local market. The value of the agreement was not disclosed.<\/p>\n

\n

ADVERTISING-<\/p>\n

AlBalad AlAmeen ink SAR 600 mn agreement with Rotana Signs:<\/strong> AlBalad AlAmeen<\/a>, the financial arm of Makkah Municipality, signed a SAR 600 mn agreement with Riyadh-based advertising agency Rotana Signs<\/a> to construct, operate, and maintain billboards in Makkah, it said in a post on X<\/a> last Thursday. No further details were disclosed.<\/p>\n

\n

DEBT WATCH-<\/p>\n

Raoom Trad<\/strong>ing secured a SAR 100 mn<\/strong> shariah-compliant loan from Al Jazira Bank<\/strong>, according to a disclosure to Tadawul<\/a>. The funding will run throughout 2025 and will be allocated to back the company\u2019s expansion.<\/p>\n

REMEMBER-<\/strong> The BoD recommended last February<\/a> doubling the firm\u2019s capital to SAR 125 mn by capitalizing SAR 62.5 mn from retained earnings to strengthen the company\u2019s financial position and future growth.<\/p>\n

\n

TRADE-<\/p>\n

The Saudi-Moroccan Joint Committee saw the signing of a mutual recognition agreement for the <\/strong>Authorized Economic Operator (AEO) program<\/strong>, state news agency SPA<\/a> reports. The Program was launched back in January<\/a>, granting importers, exporters, and service logistics providers operating access to a benefits suite, including administrative, procedural, and financial perks.<\/p>\n

\n

TRANSPORT-<\/p>\n

The <\/strong>Jeddah<\/a><\/strong>Transport Company (JTC)<\/a><\/strong> launched the first phase of the Maritime Taxi <\/strong>service<\/strong>, according to a post on X<\/a>. In the initial phase, the service<\/a> will connect the Jeddah Yacht Club, Jeddah Historic District (Al Balad), and Obhur neighborhood, running from 3:30pm to 1:30am during the month of Ramadan. Tickets range from SAR 25 to 50 for adults, while children under five ride for free. Bookings can be made through the app<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

PIF seeks project management consultant for 2km tower<\/p>\n","protected":false},"author":1,"featured_media":95077,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2564],"tags":[3047,54,10,1349,2822,1151,4076,4075,1277],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95076","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-al-jazira-bank","tag-also-on-our-radar","tag-enterpriseam-ksa","tag-foster-and-partners","tag-national-agricultural-development-company-nadec","tag-public-investment-fund-pif","tag-raoom-trading","tag-saudi-morocco-relations","tag-zakat-tax-and-customs-authority-zatca","wpautop","entry"],"acf":{"mongo_id":"de5d3d8f-cf1a-4de4-8ce5-b4f37f853eec","order":"9","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/10\/564.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF is seeking consultancy for a new business district in Riyadh","related_issue":[95060],"teaser":"PIF seeks project management consultant for 2km tower","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/3\/.72ff0c9f-7e3c-4031-9036-d17fabd1e8b3.mp3"},"yoast_head":"\nPIF is seeking consultancy for a new business district in Riyadh - 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